Eyewear Market Product (Spectacles, Sunglasses, and Contact Lenses), End User (Men, Women, and Children), Distribution Channel (Optical Stores, Independent Brand Showrooms, Online Stores, and Retail Stores), Regions and Company Analysis 2024-2032

Eyewear Market Analysis

Eyewear Market Definition

Wearing eyewear is meant to protect the eyes from outside stimuli or to aid in vision impairment. Glasses, goggles, contact lenses, and sunglasses are examples of common eyewear. Eyewear is used as a fashion statement since people's awareness of fashion is expanding. As a result, fashionable and high-end sunglasses are gaining popularity. In the construction industry, safety glasses are often used to protect workers from flying debris. The need for eyeglasses products is increasing as the population ages since they are more prone to have a variety of vision-related problems.

There are products on the market like sunglasses, contact lenses, and eyeglasses. These products not only protect against UVA and UVB rays, but also improve vision. People these days choose to use spectacles due to increased awareness of ocular illnesses and the rising prevalence of vision problems. For instance, according to NCBI projections, there will be around 43.3 million blind people in the world in February 2022, with 23.9 million of them being women. Furthermore, the industry is highly fragmented, with a large number of both domestic and foreign businesses.

Additionally, both in industrialized and developing nations, wearing glasses is considered a fashion statement. Globally, the prevalence of eye disorders such myopia, hypermetropia, and astigmatism is increasing. For example, the World Health Organization (WHO) projects that at least 2.2 billion individuals globally will have a near- or farsighted visual impairment in August 2023. The public's use of eyeglasses has expanded as a result of a wide range of product offers by major and minor market participants.

Market Driver

• Increasing Awareness among People Regarding Harmful Effects of Ultraviolet Rays to Augment Market Growth -

Because more people are becoming aware of the damaging effects of UVA and UVB radiation on vision, the sunglasses section of the eyewear market is predicted to develop at the quickest compound annual growth rate (CAGR). Furthermore, the general population in wealthy nations is becoming accepting of sporty sunglasses. The broad range of products that manufacturers offer is supporting the global demand for sunglasses. Prescription sunglasses are becoming more and more popular as a means of UV protection and vision correction. Furthermore, as per the Vision Council's analysis conducted in June 2021, roughly 70% of adult respondents reported wearing sunglasses primarily for everyday use, while roughly 22% reported wearing sunglasses for both general and particular sporting activities in the United States. Due to polarized lenses' superior UV protection, growing markets in Latin America and Asia Pacific have a significant unmet demand for sunglasses. driving the market's expansion during the course of the projection.

Growing influence of fashion and lifestyle changes -

There is hope for the market's expansion due to the increasing acceptance of eyewear as a fashion accessory, which is being fueled by shifting consumer perceptions and the impact of fashion trends. The market is expanding in part because more people are wearing many pairs of glasses to complement different clothes and events. Furthermore, a growth-inducing aspect is the growing power of social media influencers and celebrities who market fashionable eyewear to influence consumer tastes. In addition, the growing cooperation between the fashion industry and eyewear producers, which has resulted in the launch of an extensive array of styles, colours, and designs, is driving the market's expansion. In addition, the increased demand for designer eyeglasses that premium firms have introduced to broaden their product ranges is providing lucrative growth prospects for the industry.

North America Eyewear Market

Wearing items and accessories on or over the eyes for aesthetic reasons, environmental protection, or to increase vision is referred to as eyewear. Common forms of eyewear include sunglasses, contact lenses, and glasses, sometimes referred to as eyeglasses or spectacles. One further useful form of eye protection that can be worn as eyewear is a pair of goggles. Glasses not only protect the eyes from digital screens but also keep dust and debris out of the eyes. Additionally, wearing eyeglasses may help protect eyes from harmful UV rays.

In the United States, 12 million adults over 40 have a visual impairment; 1 million are blind, 3 million have it after having their vision corrected, and 8 million have it due to uncorrected refractive error. These figures are from the Centers for Disease Control (CDC) and Prevention. Blindness and reduced vision are primarily caused by age-related eye disorders, including glaucoma, cataracts, diabetic retinopathy, and age-related macular degeneration. Amblyopia and strabismus are two additional common eye problems.

Asia Pacific Eyewear Market

The demand for eyewear products, such as prescription glasses and contact lenses, has increased due to Asia-Pacific's expanding population and high prevalence of vision issues. The desire for premium eyewear has been fueled by rising disposable incomes. The prevalence of digital eye strain has increased due to digital gadgets and extended screen time, necessitating the use of protective eyewear. The rise of the eyeglasses market in the area has been fueled by e-commerce and social media platforms, which have made it simpler for eyewear companies to offer their products online and reach a larger audience.

Eyewear Market Company Overview

Burberry Group, Essilor Luxottica, Hoya Corporation, Carl Zeiss Group's, Prada, Tesco, Louis Vuitton, Cooper Vision are among the industry leaders in the Global Eyewear Market.

Global Eyewear Market News

• In December 2023, Dutch Ophthalmic Research Center (International) B.V. (D.O.R.C.) was purchased by Carl Zeiss Meditec AG from Eurazeo SE, a Paris, France investment firm. The acquisition will improve and supplement the extensive array of digitally connected workflow solutions and ophthalmic treatments offered by ZEISS Medical Technology, which addresses a wide range of eye problems such as glaucoma, cataracts, retinal disorders, and refractive errors.
• In October 2023, in order to facilitate surgical planning and information flow, Bausch & Lomb announced the U.S. introduction of SeeNa, an ocular diagnostic device for patients with refractive cataracts that is fully linked with the company's Eyetelligence surgical planning software.
• In October 2023, the monthly Water Gradient multifocal contact lens, TOTAL30 Multifocal, was introduced by Alcon. The lenses are now available in some overseas markets as well as the United States.
• In September 2023, SVS Vision was acquired by the Fielmann Group. The German family firm is pursuing internationalization through its Vision 2025 growth strategy, and these purchases mark a significant milestone in that endeavour.

Product – Market breakup in 3 viewpoints:

1. Spectacles
2. Sunglasses
3. Contact Lenses

End User – Market breakup in 3 viewpoints:

1. Men
2. Women
3. Children

Distribution Channel – Market breakup in 4 viewpoints:

1. Optical Stores
2. Independent Brand Showrooms
3. Online Stores
4. Retail Stores

Country – Market breakup in 25 viewpoints:

North America

1. United States
2. Canada

Europe

1. France
2. Germany
3. Italy
4. Spain
5. United Kingdom
6. Belgium
7. the Netherlands
8. Turkey

Asia Pacific

1. China
2. Japan
3. India
4. Australia
5. South Korea
6. Thailand
7. Malaysia
8. Indonesia
9. New Zealand

Latin America

1. Brazil
2. Mexico
3. Argentina

Middle East & Africa

1. South Africa
2. Saudi Arabia
3. United Arab Emirates

All the Key players have been covered from 4 Viewpoints:

• Overview
• Recent Development & Strategies
• Product Portfolio & Product Launch in Last 1 Year
• Revenue

Company Analysis:

1. Burberry Group
2. Essilor Luxottica
3. Hoya Corporation
4. Carl Zeiss Group's
5. Prada
6. Tesco 
7. Louis Vuitton
8. Cooper Vision

Report Details: